DeFrancis to resign from Magna Entertainment board

[takeout]

http://www.examiner.com/a-1252327~DeFrancis_to_resign_from_Magna_Entertainme nt_board.html

[snip]
Under a deal made in 2002 when Magna first acquired an interest in the Jockey Club, the De Francises and the minority-owner group would receive 65 percent of Magna's Maryland slots profits during the first five years, 50 percent the next five years and 40 percent in the next decade, according to filings with the Securities and Exchange Commission.
[snip]

Amazing, isn’t it? I can’t imagine why Magna isn’t doing better. :rolleyes:

[richrosa]

I'm NOT sticking up for Magna, nor do I know the specifics, but to assume that they just gave DeFrancis those rights would not be considering the fact that those rights were negotiated for a business purpose that got a deal done that would otherwise not have been done without that component.

Every deal has a dynamic where two parties get what they want. I'm certain that Magna wanted something of DeFrancis, and likewise, he wanted something of Magna.

[takeout]

This thing just keeps getting better and better.

http://www.baltimoresun.com/news/local/politics/bal-te.md.slots04mar04,0,2196362.story